Could the U.S. save money producing pennies? Steve Stivers hopes so

Rep. Steve Stivers’ bill to save money by changing how the country makes coins may be gaining traction.

A House subcommittee today held a hearing on his “Cents and Sensibility Act” which would lower the cost of producing pennies, nickels, dimes and quarters by minting them using steel instead of minerals imported from outside the United States.

Reps. Pat Tiberi, R-Genoa Township and Tim Ryan, D-Niles, are also original co-sponsors of the bill.

Currently, the cost of producing a penny is more than the actual cost of a penny – about 1.8 cents. Same with a nickel, which costs about 9.5 cents to produce. Stivers argues by changing how the coins are minted, it would save money and help U.S. steel producers.

Pennies are made of copper and zinc. Nickels, dimes and quarters are made of copper and nickel. Most of those minerals are imported from Canada, according to Stivers’ office.

Under the Stivers bill, all four coins would be made with steel; pennies, however, would be dipped in copper. The coins would not change in appearance.

Stivers said the bill, if enacted, would save taxpayers up to $433 million over the next decade.